All business activity takes place within a legal system framework. Business law normally focuses on the application of law in both the business and government sectors. It often underpins the operation of markets, regulates conduct in markets and addresses instances of market failure where voluntary market mechanisms alone fail to achieve relevant policy objectives.
A proper application of business law is important to ensure secured business for society and also maintaining business in legal ways. For these, it helps to protect business environment with more systematic and controllable. In a business context, law just like an alarm system which giving a boundaries to business man for manage their complex business transaction. So, they need to know that they are under protected as well as others.
In addition to representing businesses in formation and in everyday transactions, we as consumer we need to understand the basic of business law.Besides that, proper application of business law is benefits in contract formation. Contracts are an integral part of any business, which you are entering into a contract for products or services, real estate, employee benefits, or employment which you must protect your rights and your business. So, business law provides a set of rule to protect different contract formation including drafting, review, negotiation, enforcement and litigation in the case of breach. Contract also makes sure that we are protected for future transaction in different context.
For us as an employee of one’s company, a proper application of business law also help us to ensure our benefit and also in compensation matter. For example, when someone is hired by a company for four years obliga ...